Sale of rental property that was converted from primary residence because of having to move due to job loss

[madhumatiramesh]

I bought a condo in 2006 for $230K and lived in it until 2013 when I lost my job and had to move for a new job. It has been rented since then at a loss. I want to sell it now in 2017 for $310K. Will I have to pay tax on the sale?

[Critter · Accepted solution]

Yes you will since you didn't live there for 2 years in the 5 years prior to the sale. You may be able to exclude part of the cap gains and the TT program will walk you thru the entire process.